Type Private company Parent organization I&M Holdings Limited | Industry Financial Services Founded 1974 | |
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Key people S.B.R. ShahChairmanSarit Raja- ShahExecutive DirectorKihara MainaCEO Products Revenue Aftertax: US$59+ million (KES:6.03+ billion) (Financial Year 2015) Total assets US$US$1.57 billion (KES:160 billion)(September 2016) Subsidiaries I&M Bank Rwanda Limited, Bank One Limited Profiles | ||
I&M Bank Limited, is a commercial bank in Kenya, the largest economy in the East African Community. It is licensed by the Central Bank of Kenya, the central bank and national banking regulator.
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Overview
As of September 2016, the bank's total assets were valued in excess of US$1.57 billion (KES:160 billion), with shareholders' equity of approximately US$294 million (KES:30+ billion). As of 2016, the bank was ranked 10th, by assets, out of the 41 licensed banks in the country. I&M Bank serves the banking needs of large and small business customers as well as individuals, with emphasis on large and medium-sized corporations.
History
The bank traces its history to 1974 when Investments & Mortgages Limited was formed as a private company providing personalised financial services to business people in the Nairobi area. In 1980, I&M, as the company was known at that time, was registered as a Financial Institution under the Banking Act. Following changes in the regulations of the Central Bank of Kenya, the banking regulator in the country, I&M became a commercial bank in 1996.
In 2002, the present headquarters building, a 16-storey glass and steel skyscraper known as the I&M Bank Tower, was opened on Kenyatta Avenue, in Nairobi's central business district. The following year, I&M Bank acquired Biashara Bank of Kenya Limited, expanding I&M's branch network, client base and assets under management.
In 2007 DEG and PROPARCO, two International development financial institutions, invested approximately US$4.5 million to acquire 11.96 percent shareholding in I&M Bank. That shareholding was later increased to 19.7 percent.
In 2008, I&M Bank acquired a 50 percent ownership in First City Bank Limited (FCB) of Mauritius. FCB has since rebranded itself as Bank One Mauritius. In 2010, I&M Bank acquired a controlling shareholding in CF Union Bank of Tanzania. CF Union Bank has since rebranded into I&M Bank (Tanzania).
In July 2012, I&M Bank Group took a controlling interest in Commercial Bank of Rwanda (BCR), the second-largest commercial bank in the country at the time, for an undisclosed sum of money.
In August 2013, BCR rebranded to I&M Bank Rwanda.
In 2013, I&M Bank created I&M Holdings Ltd, which was subsequently listed and publicly traded on the Nairobi Securities Exchange.
I&M Bank Group
I&M Bank Limited is a member of the I&M Bank Group, a financial services provider in Eastern Africa, with an asset base in excess of US$1.57 billion (KES:160 billion), as of September 2016. The Group is a conglomerate of businesses, primarily in the financial services sector, with subsidiaries in the Eastern African countries of Kenya, Mauritius, Rwanda and Tanzania.
The Group’s related companies include GA Insurance Company and a 50% share of Bank One Limited in Mauritius and 50% of I&M Burbidge Capital.
Shares of the Group are listed on the Nairobi Stock Exchange, where they trade under the name I&M Holdings Limited, using the symbol IMHL. The companies that compose the Group include the following:
Branch network
As of August 2014, the bank maintains a network of branches, at the following locations:
- Kenyatta Avenue Branch - I&M Bank Tower, Kenyatta Avenue, Nairobi
- Karen Branch - Karen Office Park, Langata Road, Nairobi
- 2nd Ngong Branch - I&M Bank House, 2nd Ngong Avenue, Nairobi
- Sarit Centre Branch - First Floor, Sarit Centre, Westlands, Nairobi
- Biashara Street Branch - Ansh Plaza, Biashara Street, Nairobi
- Industrial Area Branch - KCC Building, Changamwe Road, Nairobi
- Langata Link Branch - Langata Link Complex, Langata South Road, Nairobi
- Valley Arcade Branch - Kenol Kobil Station, Gitanga Road, Lavington, Nairobi
- Panari Sky Centre Branch - Panari Sky Centre, Mombasa Road, Nairobi
- Parklands Branch - Centre Point, Parklands Road, Parklands, Nairobi
- Wilson Airport Branch - Pewin House, Wilson Airport, Nairobi
- Ongata Rongai Branch - First Floor, Maasai Mall, Ongata Rongai
- South C Branch - South C Shopping Centre, South C, Nairobi
- Riverside Drive Branch - 14 Riverside Drive, Nairobi
- Nyali Branch - Nyali Cinemax, Main Nyali Road, Nyali, Mombasa
- Mombasa Branch - Biashara Building, Nyerere Road, Mombasa
- Kisumu Branch - Bon Accord House, Oginga Odinga Street, Kisumu
- Nakuru Branch - Polo Centre, Kenyatta Avenue, Nakuru
- Eldoret Branch - Ground Floor, Zion Mall, Uganda Road, Eldoret
- Changamwe Branch - First Floor, Refinery Building, Refinery Road, Changamwe, Mombasa
- Kisii Branch - Royal Tower, Hospital Road, Kisii
- Malindi Branch - First Floor, Pine Court Building, Lamu Road, Malindi
- Nyeri Branch - Ground Floor, Hopewell Place, Gakere Road, Nyeri
- Thika Branch - Ground Floor, 80 West Place, Thika
- Gigiri Branch - Ground Floor, Gigiri Square, United Nations Avenue, Nairobi
- Mtwapa Branch - Ground Floor, Mtwapa Mall, Mombasa Malindi Road, Mtwapa.
- Lavington Mall Branch - Lavington Mall, 1st Floor, off James Gichuru road, Nairobi
- Kitale Branch - Mega Centre Mall, Ground Floor, Kitale
- Lunga Lunga Branch - First Floor, Lunga Lunga Mall, Lunga Lunga Road, Industrial Area, Nairobi
- Yaya Centre Branch - Fourth Floor, Yaya Centre, Argwings Kodhek Road Nairobi
- GatewayMall Branch - Mombasa road (opposite to Kappa Oil Co Ltd and Syokimao railway station), Nairobi
- Garden City Mall Branch - Garden City Mall, Thika Road, Nairobi
- Milele Mall Branch - Milele Mall, Ngong Town Nairobi
- Nanyuki Branch - Hussein Building, Ground Floor Nanyuki
- Cross Road Branch - Off River Road Nairobi
Governance
The Chairman of the Board of Directors of I&M Bank Limited is S.B.R.Shah, one of the non-Executive Directors. Sarit Shah is the Executive Director, and Kihara Maina is the Chief Executive Officer of the bank.